88 percent of spreadsheets have had major errors.
As a business owner, you can’t afford accounting mistakes. They may be unintended human errors, but they’re also avoidable with the right software.
How can you grow your beauty and wellness business from dated, time-consuming spreadsheets to intelligent, efficient, cloud-based software? It’s easier than you’d think.
First, it’s worth remembering what your accounting software should do for you: Accounting software records and processes your transactions and should help you quickly see the financial health of your business. Whether you’re looking for the best salon accounting software, or the right software for your spa or fitness center, we’ll tell you what to look for andthe top four benefits it can add to your business.
Top 4 Advantages of Accounting Software for Your Beauty and Wellness Business
The best salon and spa accounting software will positively impact your profits, efficiency, and customer satisfaction. Yes, accounting software can – and should – do all that for you. Here’s how:
1. Access to real-time financial data
When you’re busy managing a salon, spa, or fitness center, being able to quickly confirm your business is operating as it should is invaluable. The right accounting software gives you up-to-date insights into your business performance, at any time. You can quickly run reports to track income and expenses including your P&L (profit & loss) statements, cash flow, and more.
"Once an organization has moved to real-time analytics and begins to pick up patterns, it can drive a comprehensive and personalized set of actions.” - Bill Waid, GM, FICO Decision Management.
2. Time savings
When you move your accounting from stacks of paper to cloud-based software, you can immediately relax. Now, all your data is in a single, centralized system, removing a mountain of paper files, streamlining your work, and keeping you organized. A central, cloud-based offering saves you time to focus on more important things – such as helping your guests feel great – and makes reporting and tax preparation a breeze.
Whether you have two locations or 200, the right accounting software lets you auto-sync your data, based on a variety of options that best suit your needs. This makes it a lot easier to access and manage your financial information across multiple locations, and ensures you never have to worry about losing your work.
3. Reduction of costly errors
Human error happens. But one incorrectly placed decimal point on an Excel sheet can potentially mean the difference between having a profitable month and falling flat. Remember, nearly nine out of 10 spreadsheets have contained errors, adding considerable – and unnecessary – risk to your financial management. Cloud-based accounting software automatically syncs your data and eliminates the need for manual input —resulting in accurate, error-free accounts.
MarketingSherpa reports that every year upwards of 30 percent of data becomes inaccurate. This can lead to inefficient forecasting and can negatively affect sales and marketing campaigns for your beauty and wellness business. Cloud-based software eliminates this problem by always providing a single instance of the most up-to-date information, available at any time, at all locations.
4. Simplification of payroll
Keep your staff happy by ensuring they’re accurately paid for their services on time. Make this critical task easy on you by selecting a payroll process that doesn’t take up hours of your time.
The best accounting software for medspas, spas, salons, and fitness centers makes it easy to manage payroll and commission for every employee and provider. The software automatically tracks payroll based on salary, leave, and hours worked, and can even mark attendance penalties. You can also automate commission calculations based on job, seniority, sale type, and performance. When it’s time to process payroll, you’re done in minutes, not hours.
For more tips on how to choose the best accounting software for your salon, spa, medspa, or fitness center, see our top six critical steps here.
Accounting software for salons, medspas, spas, and fitness centers
Picture it: Tax season is here (it always feels right around the corner). Your adrenaline is pumping as you frantically gather your receipts, scour your spreadsheets, and prepare for a two-hour meeting with your accountant.
If this sounds familiar, it’s time to invest in accounting software.
Hair salon accounting software
Problem: As a business owner, time is your most precious resource. Accounting work – tracking sales, managing expenses, filing taxes – is one of the most crucial, yet time-consuming, tasks for your business. It must be done, but there’s a better way.
Soultion: With hair salon accounting software, your bookkeeping is automated, decreasing the likelihood of errors and saving you time. All your financial data is available anytime you need it, with no manual data entry or reconciliation needed.
The best accounting software also helps you seamlessly integrate data from your current accounting tools (such as QuickBooks or Xero), at the organization or location level.
How a salon brand merged all data – and simplified their life: Andrew Cannon, co-founder of UK-based barbershop, Ruffians, understands the hassles of operating with multiple systems. He was hesitant to merge all his business data into one place on the Zenoti platform – but was pleasantly surprised with the results.
“We literally went to bed and then woke up the next morning and had the whole system.” - Andrew Cannon, Co-founder, Ruffians
Find out more about Ruffians integration experience with Zenoti:
Spa accounting software
Problem: With the high-value services you offer, data security is of the utmost importance and your process for storing guest and financial data is a top concern. If you think a locked Excel spreadsheet or password-protected OneDrive document offers enough security, think again.
If a password-enabled Excel spreadsheet is a locked front door, Zenoti software is your top-of-the-line smart home security system.
Solution: The best accounting solutions for spas include PCI-compliant payments that ensure guest financial data is secure. Spa accounting software also securely hosts your inventory data, minimizing the risk of theft, misplacement, and shrinkage.
How a medspa keeps data safe and secure: Dermal Laser Centre, a leading medical spa based in Vancouver, Canada, uses Zenoti to track inventory, keep data secure, and avoid potential losses.
“Zenoti software runs an audit and alerts us of any discrepancies with expected stock levels. This helps us find the exact problem area if there is a discrepancy.” - Gina Henderson, Operations Manager, Dermal Laser Center
Accounting software for medical spas
Problem: With machinery overhead, upfront product costs, and the price of hiring top professionals, running a successful medspa can be expensive.
Solution: A straightforward way to stay on top of it all: cash flow statements, balance sheets, and more, to analyze profits and expenses accurately. The best medical spa software lets you keep track of daily, monthly, and annual finances, so you always know where you stand.
Software that’s smart: While accounting software’s artificial intelligence (AI) and machine learning can’t predict the future costs of an IPL laser machine, it can help you predict future earnings.
That’s just one reason Brazilian Beauty chose Zenoti as their software partner.
“I absolutely love the artificial intelligence function...this was really attractive to us as a brand.” - Francesca Webster, CEO, Brazilian Beauty
Hit play to learn more about Brazilian Beauty’s experience with Zenoti:
Accounting software for fitness centers
Problem: Staff payroll, contractor invoices, product inventory, and equipment maintenance (across one or multiple locations) … if you run a fitness center or gym, saying you have a lot to keep track of is an understatement.
Solution: There’s no need for you to somehow remember all that business information. Let cloud-based software store it instead, housing all your data, to be accessed across your entire brand. Whether it’s company-wide, at individual centers, or across multiple centers, a single instance of accounting software makes your fitness center’s payroll and inventory management painless.
Centralize your data and access it in real time: Gain 24/7 access to accurate, up-to-date reports and dashboards in just a few clicks. With accounting software for fitness centers, you can browse all your data in one place to get a bird’s-eye view or filter for the information you need.
Cloud-based software covers all bases for your accounting
All beauty and wellness businesses rely on accurate accounting. Having access to precise, timely, efficient financial data empowers you to make strong, informed business decisions.
Zenoti is the most complete software solution for beauty and wellness businesses, used by more than 15,000 spas, salons, medspas, and fitness studios. As part of our platform, our AI-powered accounting software helps you grow, earn more, and achieve high guest satisfaction.
See how it all works by booking a demo today.